Financial Meltdown Topics

Democracy Now! stories, posts and pages that relate to Financial Meltdown

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    The U.S. Justice Department has unveiled a record mortgage settlement with the nation’s five largest banks to resolve claims over faulty foreclosures and mortgage practices that have indebted and displaced homeowners and sunk the nation’s economy. While the deal is being described as a $25 billion settlement, the banks will only have to pay out a total of $5 billion in cash between them. We speak to one of the settlement’s...
    February 10, 2012 | Story
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    As homeowners across the nation struggle to keep up with mortgage payments—and in the worse cases face foreclosure—a new investigation reveals that taxpayer-owned mortgage giant, Freddie Mac, made multi-billion-dollar investments that profited if borrowers stayed stuck in high-interest mortgages. Freddie Mac began increasing these investments dramatically in late 2010, at the same time it was making it harder for homeowners to get out of such...
    January 31, 2012 | Story
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    As Freddie Mac comes under scrutiny for betting billions on investments that profit if homeowners they issued loans to are locked into high-interest mortgages, we speak with Arturo de los Santos, a U.S. Marine veteran who was evicted last year in Riverside, California, after Freddie Mac and JPMorgan Chase foreclosed on his house last June. "We were trying to get the bank’s attention to review our case again. We couldn’t...
    January 31, 2012 | Story
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    The National Park Service says it will begin enforcing a ban today on Occupy protesters camping overnight in McPherson Square and Freedom Plaza, two parks near the White House where they have been living since October. Members of the Occupy encampment say they will resist eviction. "We are going to do our best to make sure that they’re protected from what is effectively a criminalization of poverty and a criminalization of...
    January 30, 2012 | Story
  • Banking-button
    New York Daily News columnist and Democracy Now! co-host Juan Gonzalez reports the Treasury Department has approved payouts exceeding $5 million for 49 executives at firms that most benefited from the Wall Street bailout. The executives’ pay came despite the $500,000 salary cap established under the Troubled Asset Relief Program (TARP). [includes rush transcript]
    January 27, 2012 | Story
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    Does Obama’s formation of the new task force aimed at investigating the shoddy mortgage-lending practices that contributed to the financial crisis signify a move to more progressive policies, as MoveOn suggests?
    January 26, 2012 | Columns & Articles
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    Responding to President Obama’s State of the Union address, longtime consumer advocate and former presidential candidate Ralph Nader says Obama’s criticism of income inequality and Wall Street excess fail to live up to his record in office. "[Obama] says one thing and does another," Nader says. "Where has he been for over three years? He’s had the Justice Department. There are existing laws that could prosecute...
    January 25, 2012 | Story
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    In his last State of the Union speech before the November election, President Obama defended his record addressing the financial crisis and called for greater economic fairness. He warned that Wall Street would no longer be allowed to play by its own set of rules. But the bulk of the speech dealt with the economy. We get reaction from Jared Bernstein, former chief economist and economic adviser to Vice President Joe Biden and past member of...
    January 25, 2012 | Story
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    During the GOP primary, Mitt Romney has come under fierce attack for parking millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven. We speak with Tax Justice Network USA chair Jack Blum, a former top congressional investigator of financial crimes, who says tax evasion could seriously cripple the already struggling economy. Blum appears in "We’re Not Broke,"...
    January 24, 2012 | Story
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    As Republican presidential candidate Mitt Romney comes under fire in New Hampshire for touting his business experience, we look at how his private equity firm, Bain Capital, drove a Kansas City steel plant into bankruptcy, leading to some 750 layoffs and a federal bailout. Bain still walked away with millions of dollars in profits. We speak with Reuters reporter Andy Sullivan, who covered the story, and with Joe Soptic, a steelworker who lost...
    January 10, 2012 | Story